Canada’s financial sector is on the cusp of significant change as the federal government moves forward with open banking. This modernization of financial services promises to benefit both businesses and consumers. At CPB Canada, we believe this pivotal shift will unlock new opportunities for innovation, competition, and sustainable growth across the country.
In a recent letter to Minister François-Philippe Champagne, we voiced our strong support for the government’s commitment to open banking, a priority reflected in Budget 2025. The government’s plan features accelerated consumer-driven banking, expanded payment initiation capabilities by mid-2027, and a transition of oversight to the Bank of Canada. New data-mobility rights under PIPEDA and a $19.3 million investment over two years will underpin this important work.
Open banking empowers Canadians and businesses to securely share their financial data with trusted providers, redefining the financial services landscape. Everyday tasks like cash flow management, payroll, and financial reporting will become more efficient, and real-time data will make accessing capital faster and easier.
Bookkeepers, as trusted advisors, will play a crucial role in educating clients on open banking, addressing security concerns, implementing fintech solutions, and leveraging enhanced financial data to deliver insights and strategic guidance. Collectively, this shift will continue to elevate bookkeepers as true strategic partners, helping clients thrive in an increasingly connected financial ecosystem.
A Step in the Right Direction
CPB Canada wholeheartedly supports this initiative. Our Board Chair, Melissa Lenos, has communicated our endorsement directly to Minister François-Philippe Champagne. We also recognize and appreciate the tireless advocacy from professionals within our industry and the broader financial community.
Open banking marks a vital step toward building a more dynamic, accessible, and innovative financial ecosystem for all Canadians.
– CPB Canada Team
